Shown below is an income statement for 2015 that was prepared by a poorly trained bookkeeper of Howell Corporation.

Howell Corporation INCOME STATEMENT 31-Dec-15 Sales revenue ??? sales discount 2,500 sales returns and allowances 6,200 net sales ??? Interest revenue 19,500 beginning inventory 500,000 purchases ??? ending inventory 356,500 Cost of goods sold 75% beginning inventory Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Net income 127,300

Instructions

Prepare an multiple steps income statement for 2015 for Howell Corporation in good form.